Financial FAQs
Q: Are my donations tax-deductible?
Generally. Cornerstone is a 501(c)(3) non-profit organization, and all donations that we receive are tax-deductible. However, you should consult your tax advisor to see if you can deduct your donations. You will receive a receipt of your gift either by e-mail or by postal mail.
Q: What are your basic beliefs about money?
From the beginning, we have followed three core principles in the handling of money: (1) bless people, (2) base your budget on what God wants to happen, not based on what you might receive and (3) money is a tool for ministry, and therefore should be used and not stockpiled. We believe these things strike at the heart of how God wants money to be used as seen in the Bible.
Q: Does the church have a rainy day fund?
We believe that it is good stewardship and financial practice to keep approximately two to three months of expenses in our checking account.
Q: Where does Cornerstone get all its money?
Our support comes from the normal tithes (10 percent of gross earnings) and offerings of average folks who love contributing to the kinds of things they see God doing in our midst.
Q: Does Cornerstone have high accounting standards?
Yes. Periodically, we conduct an external audit by an independent CPA firm. Annually, our books are audited internally by a non-staff accountant. You can request a copy of a report for any year, and you will find that money given to Cornerstone is managed with integrity.
Q: How does your budgeting process work?
Each ministry, which consists of paid staff and volunteers, considers what their ministry goals and objectives are for the year. Corresponding costs are then determined. The appropriate staff and elders review and approve, and may recommend and make changes based on the overall vision for the church. The elder team then presents the budget to the Cornerstone members at an annual budget meeting, where the members vote to approve or disapprove of the budget. A simple majority of those present at the meeting (assuming quorum is met) is all that's required. Historically, Cornerstone has passed all budgets with at least 98% approval.
Q: Do you have an open book policy?
Yes. It is easy for us to provide financial data since each ministry department receives a monthly recap of their expenditures versus their budget. Simply contact our office and we will provide the appropriate information.
Q: Does this mean I can find out individual staff salaries?
No. We find that the release of this kind of personal financial information can lead to comparison and discontentment among staff members and in the church family at large. It fosters an environment of value assessments on whether or not a staff member should get what they are being paid, without being privy to the most recent performance review and other factors that contribute to setting a salary. We believe in trusting those in leadership who are making financial decisions, specifically our staff directors and Council of Elders.
Q: Who sets salaries?
The overall salary structure is set by staff directors and approved by the Council of Elders.
Q: What principles are used in setting salaries?
We use several criteria, including surveys of similar churches across the country to see what a similar position pays, the standard of living in central Iowa, the individual's performance against stated goals and objectives and overall faithfulness and fruitfulness of the staff member.
Q: Can I contribute financially online?
Yes! Cornerstone Church accepts online contributions. Use this free feature to contribute once or as a recurring gift. Click here to give online.
If you don't see the answer you need, drop us a line.
